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The Minnesota Timberwolves are the third team in the deal. They received forward Anthony Randolph and center Eddy Curry from the Knicks in exchange for forward Corey Brewer.

The deal, one of the biggest trades in the NBA in several seasons, revolved around Anthony's desire to land a contract extension in advance of a possible lockout following the current season. Though he would have been the headliner of the free agent class, a new collective bargaining agreement could have cut into his potential contract.

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As part of the deal, Anthony is expected to ink a three-year, $65 million extension with New York. Should all of the players in the trade pass physicals with their new teams and report on time, Melo's debut as a Knick could come as soon as Wednesday night against the Milwaukee Bucks at Madison Square Garden.

The move gives the Knicks a dynamic inside-outside forward combo with Anthony and Amare Stoudemire. However, the loss of Felton may be significant as the point guard has been a big factor in helping New York get into position for its first playoff berth since 2004. Billiups, a 13 year vet with a NBA Finals MVP, three All-NBA and five All-Star selections to his name, will be expected to pick up the reins upon his arrival.

The deal also is a blow to the New Jersey Nets, who have twice missed out on the building block they need to rebuild their franchise. The team tried to sign Miami's LeBron James last summer and now get to see Anthony ply his trade just miles from their soon-to-be-completed new home in Brooklyn, the Barclays Center.